The Puget Sound area’s median home price has increased to $755,000, the second-highest in the U.S., according to the latest RE/MAX National Housing Report. 

Greater Seattle’s median home price has increased 8.6% from last year, when it was $695,500.

Active listings are also up 9.4% in the last year and inventory has increased 45.4% compared to 12 months ago, the report found.

John Manning, managing broker of RE/MAX Gateway in Seattle, said the market for lower-priced homes is “stagnant” but “ferociously competitive” for homes priced above $1.5 million.

“The summer market is following its typical seasonal pattern, flattening out in July,” he said. “2024 did not see a typical big springtime boost in sales, and demand remains heavily pent up due to low supply despite high interest rates. Although the number of available homes is up 45% over last year, it is not enough to satisfy demand. 

“It is noteworthy that lower-priced homes, including townhomes, have seen stagnant sales and falling prices, suggesting a correction. Although we can only speculate, it may be that large employers are hiring fewer younger and entry-level employees this year. At the same time, the market for homes above $1.5 million is ferociously competitive, with multiple competing offers and homes selling far in excess of their appraisable range.”

The metro areas in the report with the highest median home prices are San Francisco, $1.2 million; Seattle; Honolulu, $725,000; Boston, $712,000; and Bozeman, Montana, $663,000.